News By Edition

When National Public Radio posted a story about the emotional aspect of fraud, entitled “Psychology of Fraud: Why good people do bad things,” Valuation Review couldn't pass up the opportunity to poll its appraiser readership on their reactions to fraud stories. So how do our readers feel about fraud?

When the story of JPMorgan Chase Bank putting a Phoenix-based appraiser on its ineligible list hit the Web, the Valuation Review readership spoke out with similar stories and allegations that appraisers are under attack.

In an ideal world, the proper appraisal review would have been performed and the loan would have been rejected or accepted before the loan was made, not after. Since lenders are stuck with incomplete loan files, the only option they have is to contact the original appraisal client who can then contact the appraiser.

October Research LLC, publisher of Valuation Review,  announced the finalists for its inaugural awards program, launched to honor men and women in the mortgage and settlement services industries for exemplary accomplishment in the areas of leadership, innovation and philanthropy. The winner in each category will be announced during the National Settlement Services & Compliance Summit in Cleveland, Ohio, this year slated for June 12-13.

Two plaintiffs sued First American eAppraiseIT, alleging the company conspired with Washington Mutual Bank and Lender’s Service Inc. to inflate the appraised value of their properties so that Washington Mutual could sell the security interests attached their mortgage loans at an inflated price and violating RESPA Section 8. They also filed a motion for class certification, which the court granted.

Scott Rager acknowledged that a lot of appraisers might be unhappy with him providing collateral evaluations to supplement his appraisal business. He’s more concerned with doing a quality job and keeping clients happy than the judgment of his peers.